EURUSD Elliot Waves Analysis For 2 February 2016

02 February 2016, EUR/USD

EURUSD Elliot Waves Analysis For 2 February 2016

Wave analysis:

EUR/USD is currently trading with a slight bearish bias. We expect a bounce from the upper resistive trend line for us to continue SHORT with wave (5). The anticipated downward movement should be accompanied with an ultimate target at 1.060. This pair should be traded alongside other positively correlated pairs such as EUR/CHF, EUR/GBP, and AUD/USD. These pairs have a moderate to positive correlation of up to +0.79 and are thus expected to have a similar price action. Only buy or sell Euro if all the other positively correlated pairs are giving the same signal. Trade Recommendations:

Remain long but only up to the upper resistive trendline. Sell from the upper restive trendline, but with your target at 1.0607

Graham Osano
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